If I already have bad credit and can't buy a house now, shoud I file for bankruptcy? I want to buy 1 someday.?
I have tried it all and can’t qualify to buy. I have ongoing medical bills, unpaid medical bills, charge offs, apartment judgements (2), old repossessions, a secured card that stays maxed out. I am caring for my family of 6 on my income only which is around K a year. I usually have trouble just paying rent, food, car note, fuel, insurance, electricity, water and cell phone and internet (I use it for work).
I don’t even pay for gas service in my house until winter b/c it is only used to power my heater. My student loan debt from my bachelors and masters programs is huge but I have it consolidated. I don’t have a home phone, cable or any of that frivolous stuff. Yet in all honesty, I cannot see myself raising my credit score enough to buy because everything I try I can’t keep up (like the secured card). I max it out on food or gas every month.
Now you know my financial story, would bankruptcy help me? Someone told me not to file because I won’t be able to buy a house for 10 years, but at the rate I’m going I won’t be able to anyway unless I have a rich uncle or a genie.
ARE YOU LOOKING FOR AN ONLINE LOAN LENDER WHO CAN GET YOUR LOAN TRANSFERRED TO YOUR BANK ACCOUNT,THEN WE ARE THE SOLUTION TO YOUR PROBLEM,
NO WAHALA LOAN,
July 31st, 2010 at 7:02 amTHE PERSONAL LOAN THAT GIVES YOU THE FREEDOM TO DO AS YOU WISH,
Do you need to fix your car,pay school fees,medical bills;get married?the no wahala loan is the solution.We give you the to spend a little more on what you really need,no questions asked,
Benefits
.No deposits and invoices are required
.Fast,simple and convenient
.Flexible repayment schedule
.Competitive interest rate of just 2%
Hurry now and apply now online via choicedouglasloansfirm@yahoo.com and get your loan fast and easy.
If you file a Chapter 7, it will stay on your credit report for 10 years. However, your credit will slowly improve over time. And, really, I doubt your credit rating would drop much considering all of the other negative stuff you have going on.
As for getting a house, banks are all about evaluating risk. If you have judgments and collections out there, those are going to hurt your debt/income ratios and make it impossible for you to buy a house. On the other hand, if you get a discharge, change your spending habits, get yourself on a debt management and saving plan, in five years you could be sitting pretty with a healthy down payment and no revolving debts. The main problem is that you are not managing your money well right now, and that has to change. You really need to think about this decision as a life altering one. Decide what you want and then chart a path to get there. I would guess that your path will include bankruptcy, but you really need to decide that you aren’t going to continue with the same spending habits after bankruptcy.
By the way, your federal student loans are not dischargeable in bankruptcy, so you will have to find a way to pay those.
July 31st, 2010 at 7:02 amHello, i am MARY PARKER from New YorK, i saw your question on yahoo answer and i want to refer you to the international loan company that help me consolidate my depth ,when i was searching for loan and i was in a bad shape, a friend of mine introduce me to CLARKE LOAN FIRM that help me get out of my depth, the company offer all kinds of loan to any where in the world at a very low interest rate and even if you have a bad credit and low income they still offer service so long you agree to the repayment information, they are the only international loan company that can help you get a quality loan with a fast transfer without any upfront fees
.contact them and i am sure they will be of great help to you .within 24hours. here is their contact clarkeloanfirm@yahoo.com
July 31st, 2010 at 7:02 amTry pre purchase counseling at http://www.cccsinc.org and you will get a better idea. Its free.
also try your local county government for any assistance for first time home buyers.
or try habitat for humanity – you may quality for a free house under one of their programs!
July 31st, 2010 at 7:02 am